Compensation Practice
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This document discusses compensation practices at BSRM, a steel manufacturing company in Bangladesh. It provides details on how salaries are determined using a job evaluation system that considers factors like skill, effort, responsibility, and working conditions. Salaries can differ for employees in the same position based on this evaluation. The document also outlines BSRM's performance management system which links individual target setting and competency ratings to increments in salary. Employees receive increments ranging from 10-30% based on their overall performance rating. Finally, it lists the various compensation dimensions at BSRM including pay for work, benefits, rewards, and perquisites.
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- 3. HO (Head Chittagong) BSRM, Chittagong Industry Steel Manufacturing Size 3000+ Employees, Net Profit 206 Crore Taka Market Share 25% Competitors KSRM, AKS Website www.bsrm.com Living the Brand
- 6. Purpose To increase or maintain morale. To reward for job performance. To recruit & retain qualified employees. To determine basic wage & salary.
- 7. Can Salary differ while two employees are working in the same position?
- 8. Job Evaluation for the position of Team Member CSD & Team Member SMS Compensable Factors Degree Weights Total 1 2 3 4 5 Skill (40%) Education 20% 40 80 Experience 20% 20 20 Effort (30%) Physical 15% 30 45 Mental 15% 30 45 Responsibi lity (20%) Effect of Error 10% 20 40 Innovation 10% 10 30 Working Conditions (10%) Environment 5% 15 15 Hazards 5% 15 25 CSD SMS 180 300 Team Member CSD – 18,000.00 Team Member SMS – 30,000.00
- 9. Individual Target Setting Form
- 10. KPI Rating Achievement of KPIs Rating 90 - 100% 5 80 – 89% 4 70 – 79% 3 60 – 69% 2 50 – 59% 1 < 50% 0 Competency Rating Level 1 Level 2 Level 3 Level 4 In Charge is mapped at level 2. Hence a tick (√) for a theme in level 2 will get a score of 1. 0.75 1.0 1.25 1.5 Theme 1 (Customer Orientation) √ Theme 2 (Execution Excellence) √ Theme 3 (Problem Solving) √ Theme 4 (Quality Focus) √ Theme 5 (Teamwork) √ Score 5.0
- 11. Finalizing of Rating KRA Rating 4.00 Competency Rating 1.00 Overall Rating 5.00 Final Performance Rating = 20% of Competency Rating + 80% of KPIs Rating Linkage of the Appraisal Process at BSRM to Increment: KRAs Competencies Increment/Pay Individual Performance
- 12. Increment % as on Individual Performance Rating/Score: Individual Performance Rating/Score Increment % 4.5-5.0 30% 4.0-4.4 25% 3.5-3.9 20% 3.0-3.4 15% <3.0 10% Increment % as on Individual Performance Rating/Score: SL Name Functional Title Overall Rating Current Gross (Tk.) Incr eme nt % Increment Amount (Tk.) Revised Gross (Tk.) 1. Hasan In-Charge, HR 5.00 50,000.00 30% 15,000.00 65,000.00 2. Rakib Lead HR 4.30 80,000.00 25% 20,000.00 1,00,000.00 3. Azim Team Member, HR 4.70 25,000.00 30% 7,500.00 32,500.00 4. Rayyan Team Member, HR 3.90 28,000.00 20% 5,600.00 33,600.00 5. Fahim Head HR 4.5 1,50,000.00 30% 45,000.00 1,95,000.00
- 13. Compensation Dimensions in BSRM •Pay for work and performance •Salary •Bonuses •Incentives •Travel allowances •Daily allowance •Pay for time not worked •Weekends •Yearly Holidays •Sick Leave •Casual Leave •Maternity leave •Family maintenance •Children Education Scheme •Hospitalization •Maternity Benefit •Domiciliary •Fringe Benefit •Provident Fund •Gratuity •Medical benefits •Group Insurance • Reward •Long Service Award. •Living The Values the Best Award •Best Suggestion Award •Significant Award •Employee Children Education Achievement Award •Perquisites •Company Car •Leave fair assistance •Executive Health Checkup •Stock Options •Foreign Tour